Roth Capital Cuts Price Target on Zosano Pharma (ZSAN) Following Announced Discontinuance of ZP-PTH Agreement

Roth Capital maintained a Buy rating on Zosano Pharma (NASDAQ: ZSAN), and cut the price target to $11.00 (from $20.00), following an announcement that ZSAN will discontinue its ZP-PTH agreement with LLY in order to focus on a 1X/week program. The decision appears based on an extended regulatory pathway in Japan.

Analyst Scott Henry commented, "ZSAN announced that it will discontinue its ZP-PTH agreement with LLY in order to focus on a 1X/week program. The reason was an unexpected extended clinical timeline in Japan, which would have made the current contract less favorable to ZSAN. We expect a significant negative share reaction today, but we are maintaining our Buy rating based on the expectation of positive data out of other programs (ZP-Glucagon, ZP-PTH) starting in October. Price target reduced to $11 from $20/share."

For an analyst ratings summary and ratings history on Zosano Pharma click here. For more ratings news on Zosano Pharma click here.

Shares of Zosano Pharma closed at $6.32 yesterday.

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